Mohammad Shoaib is far from a household name. He is not a politician, a cricketer, or a famous lawyer whose face is splashed on the front page of the papers. In fact, he isn’t even peripherally famous. But if you have ever had anything to do with Pakistan’s asset management sector, it is a name you will recognise very well.Â
At a time when mutual funds and investing were not even a concept in Pakistan, Shoaib established Al Meezan Investments. Not only was this an asset management company, it was a Shariah Compliant investment fund which allowed investors to invest in a way consistent with their religious beliefs. For nearly three decades, he shepherded a team that at its height grew to over 600 employees managing over $1.6 billion in assets.Â
He was one of the founding fathers of asset management in Pakistan, and under him Al Meezan grew to great heights. Then, early last year, he suddenly resigned from his position as CEO. Initially, it seemed he was just stepping back and preparing to retire. Then the rumours started to circulate. These were not corroborated by the Securities and Exchange Commission of Pakistan (SECP), but managed to cause plenty of commotion in the asset management sector.Â
Now, nearly a year after he left the company he built from scratch, Mr Shoaib is embarking on building another. He has been appointed Chief Executive Officer (CEO) of Lucky Investments Limited, a new asset management company supported by one of the largest conglomerates in the country. The commitment of Lucky in terms of making this venture a success is clear as they have chosen Mohammad Shoaib to captain this ship. The man literally wrote the book on Shariah Compliant fund management in the country and has the skill set to do so. But will lightning strike twice for Shoaib? The content in this publication is expensive to produce. But unlike other journalistic outfits, business publications have to cover the very organizations that directly give them advertisements. Hence, this large source of revenue, which is the lifeblood of other media houses, is severely compromised on account of Profit’s no-compromise policy when it comes to our reporting. No wonder, Profit has lost multiple ad deals, worth tens of millions of rupees, due to stories that held big businesses to account. Hence, for our work to continue unfettered, it must be supported by discerning readers who know the value of quality business journalism, not just for the economy but for the society as a whole.To read the full article, subscribe and support independent business journalism in Pakistan
